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What would be more cost effective?…

Started by ChrisInBaltimore,

91 posts in this topic

ChrisInBaltimore

ChrisInBaltimore

Posted
Posted

Maxing out a credit card with 13% interest to buy an AF 15 or waiting 4 or 5 years to save the money to buy a decent copy? I'm really not sure anymore. I've been here since '12 and more aware of the prices. They've risen pretty quickly.

 

This is purely hypothetical, but I'm starting to think it might not be… hm

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CAHokie

CAHokie

Posted
Posted

I am against maxing out credit cards for any comic book. I am sure there are exceptions, for example if it was such a good deal and you planned on reselling and paying it off in the same month. For a personal collection though, no way.

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W16227

W16227

Posted
Posted
I am against maxing out credit cards for any comic book. I am sure there are exceptions, for example if it was such a good deal and you planned on reselling and paying it off in the same month. For a personal collection though, no way.

 

+1

 

that is one chunk of change to put on a card

 

 

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Gunnz

Gunnz

Posted
Posted

I am currently digging myself out of credit card debt and regret maxing it out in the first place. Even at 13% interest, it will kill you in the long run. Don't buy it if you can't pay it off in a very short period.

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Firespitter

Firespitter

Posted
Posted

Too many assumptions to be made. You would have to give us how fast you're paying it off, and the cost of your AF15.

 

IMO, though. Maxing out a credit card is never a good idea, unless you happen to have that money sitting in the bank to pay off immediately, and you just want to get air-miles/1% back through the card.

 

For example, if you are looking at $30,000.00 amortized over 4 years at 13%, you are looking at $804.32/mo. in payments. And at the end of the four years, you would have paid $38,631.

 

Now...In four years, your $30k comic might be worth $60k...or in a big slump maybe it will be worth $32k. (shrug)

-Terry

 

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Doktor

Doktor

Posted
Posted

What kind of grade are you talking? Are you talking 4k or 14k price?

 

Just use this tool & find out how much interest you'll end up paying:

Credit Calculator

 

a $14K purchase with 13% interest with $300/month payment won't get the book paid off for ~5 1/2 years & will end up costing you almost $20K by the time you're debt free.

 

Do you think the book goes up ~35% in that time? Cause that's how much you're banking on it in order for it even be a wash.

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oakman29

oakman29

Posted
Posted

I don't care for credit cards,even though they are a necessary evil. I would never buy a big ticket book with one. My approach is to save up for the book,you'll appreciate it more if you worked for it.

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Doktor

Doktor

Posted
Posted

Im of the same mindset now. I have 1 card that's for emergencies & 1 Amex that I use for business exclusively. I did the "I'm 20-something & have unlimited credit! Let's buy dumb stuff!" thing & it took me until I was over 30 to pay it all off. My only other card is my debit card that I use regularly.

 

I've been doing some purchasing with my emergency card though recently on gas & stuff for the points & just paying it all off at the end of each cycle. But no big purchases on a credit card.

 

And I'll use promotional offers for stuff like my Amazon card so I can earn the interest on my $$ & let them eat the cost of 0% & set up autopay so I don't even have to remember to pay the charge every month. I just put together 1 big order of the things I need/want throughout the year & buy it all at once on their interest cost.

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rjpb

rjpb

Posted
Posted

Get a new 0% for 18 months credit card and max that sucker out. If you still haven't paid it off by then transfer the balance to a new 0% card for a 4% fee. Assuming you pay the entire balance off over three years, your effective borrowing costs are 2% of the total amount over three years.

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